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The Impact of General Elections on Kenya’s Tourism, Financial and Media Sector Stock Returns: An Event Study Approach

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  • Steven Buigut
  • Brain Masinde

Abstract

This paper examines the impact of Kenyan elections and election-related events on tourism, financial and media sector stock returns using an event study approach. Daily prices of selected equities are obtained from the Thompson Reuters EIKON and parametric and non-parametric tests carried out. The results indicate that conflict negatively affects tourism sector more than the financial and media sectors, while peaceful elections have a positive effect on tourism and to a smaller extend, the financial sector. Peace initiatives induce a positive effect on tourism. A robust and independent IEBC capable of delivering a credible election is therefore crucial.

Suggested Citation

  • Steven Buigut & Brain Masinde, 2022. "The Impact of General Elections on Kenya’s Tourism, Financial and Media Sector Stock Returns: An Event Study Approach," Journal of African Business, Taylor & Francis Journals, vol. 23(2), pages 497-515, April.
    • Handle: RePEc:taf:wjabxx:v:23:y:2022:i:2:p:497-515
    DOI: 10.1080/15228916.2021.1874793
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